- Polkadot price analysis shows price forming bearish trend
- DOT moved below buying level at $19 during the day’s trade
- Further movement downward could initiate buying before $14.20 support level
Polkadot price analysis is shifting to a bearish state, as price dropped around 2 percent over the past 24 hours to move below buying level at $19. DOT faced rejection near this level on April 11, and has been consolidating upwards since moving down to $17. The current trend could bring $14.20 support in play if buyers do not come into the market while the $23.10 resistance seems a far off prospect. Over the past 24 hours, price dropped as low as $18.11, while trading volume rose almost 2 percent, implying a bearish turnover for DOT.
The larger cryptocurrency market showed mixed signals over the past 24 hours, as Bitcoin and Ethereum consolidated above $40,000 and $3,000, respectively. Among major Altcoins, Ripple fell to $0.76 with a 1 percent decline, while Cardano and Dogecoin dropped to $0.94 and $0.14, respectively, enduring minor decrements. Terra also dropped slightly at $80.4, while Solana posed the only upward movement across the market with a 1 percent rise to reach $103.61.
Polkadot price analysis: Market valuation drops on daily chart to justify descent
On the 24-hour candlestick chart for Polkadot price analysis, price can be seen forming an abrupt descent to move further away from the demand region at $19. Continuation of this trend along with downward movement across the cryptocurrency market could propel DOT towards support at $14.20 where buyers would be expected to come into the market. Price currently sits just below the crucial 50-day exponential moving average (EMA) at $18.72 and continues to move further away.
The relative strength index (RSI) curve shows a decline in market valuation for Polkadot at 42.73, justifying the downward price momentum. In addition, the moving average convergence divergence (MACD) continues to follow a bearish divergence below the neutral zone. Over the next 24 hours, DOT price is expected to drop further and any movement below $17.50 would invalidate underlying bullish momentum.
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